Rive Technology, a Cambridge, Mass.-based start-up and developer of a technology that makes the oil-to-gasoline conversion process more efficient, has raised roughly $3.15 million in additional Series A funding from Advanced Technology Ventures, Andrew Dougherty, Rive’s VP of operations tells us. The round was first reported by PEHub.
The investment is on top of the $5.22 million the company received from Charles River Ventures and seed backers in June of 2006. The funds will be used to further research the MIT-originated technology, which limits petroleum waste. The company competes with “billion-dollar chemical companies” including BASF (BF), W.R. Grace (GRA), and Albemarle (ALB), said Dougherty.